CLEANKO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-01-2026 PDF all 13 filings
Turnover
≈ €820,000
Estimated: probably between €560,000 and €1.6m
Total assets
€721,877▲ 4.5%
2024 · €691,053
Net result
€19,285▼ 38.4%
2024 · €31,295
Working capital
€43,145▼ 32.2%
2024 · €63,640
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€48,881
▼ 25.6%
2025
20192025
Net result
€19,285
▼ 38.4%
2025
middle half of the sector
20192025
Equity
€149,459
▲ 0.9%
2025
middle half of the sector
20192025
Total assets
€721,877
▲ 4.5%
2025
middle half of the sector
20192025
Debt
€572,418
▲ 10.4%
2025
20192025
Working capital
€43,145
▼ 32.2%
2025
middle half of the sector
20192025
Solvency
20.7%
▼ 0.7pp
2025
middle half of the sector
20192025
Current ratio
1.17
▼ 0.16
2025
middle half of the sector
20192025
Return on assets (ROA)
2.7%
▼ 1.9pp
2025
middle half of the sector
20192025
Staff (FTE)
0.8
▼ 20.0%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€10,889-€18,321▲ 68.3%€18,017▼ 1.7%€30,178▲ 67.5%€70,262▲ 133%€65,670▼ 6.5%€48,881▼ 25.6%
Net result-€753-€1,014within the sector's middle half€140within the sector's middle half▼ 86.2%€6,605within the sector's middle half▲ 47×€38,365within the sector's middle half▲ 481%€31,295within the sector's middle half▼ 18.4%€19,285within the sector's middle half▼ 38.4%
Equity€70,755-€71,769within the sector's middle half▲ 1.4%€71,909within the sector's middle half▲ 0.2%€78,514within the sector's middle half▲ 9.2%€116,879within the sector's middle half▲ 48.9%€148,174within the sector's middle half▲ 26.8%€149,459within the sector's middle half▲ 0.9%
Total assets€263,741-€595,711above the sector's middle half▲ 126%€546,272above the sector's middle half▼ 8.3%€545,593above the sector's middle half▼ 0.1%€641,446within the sector's middle half▲ 17.6%€691,053within the sector's middle half▲ 7.7%€721,877within the sector's middle half▲ 4.5%
Debt€192,986-€523,942▲ 171%€474,363▼ 9.5%€467,079▼ 1.5%€524,568▲ 12.3%€518,546▼ 1.1%€572,418▲ 10.4%
Working capital€71,958-€32,225within the sector's middle half▼ 55.2%€33,744within the sector's middle half▲ 4.7%€32,192within the sector's middle half▼ 4.6%€54,736within the sector's middle half▲ 70.0%€63,640within the sector's middle half▲ 16.3%€43,145within the sector's middle half▼ 32.2%
Solvency26.8%-12.0%within the sector's middle half▼ 14.8pp13.2%within the sector's middle half▲ 1.1pp14.4%within the sector's middle half▲ 1.2pp18.2%within the sector's middle half▲ 3.8pp21.4%within the sector's middle half▲ 3.2pp20.7%within the sector's middle half▼ 0.7pp
Current ratio1.43-1.17within the sector's middle half▼ 0.261.21within the sector's middle half▲ 0.041.18within the sector's middle half▼ 0.031.25within the sector's middle half▲ 0.071.33within the sector's middle half▲ 0.081.17within the sector's middle half▼ 0.16
Return on assets (ROA)-0.3%-0.2%within the sector's middle half▲ 0.5pp0.0%within the sector's middle half▼ 0.1pp1.2%within the sector's middle half▲ 1.2pp6.0%within the sector's middle half▲ 4.8pp4.5%within the sector's middle half▼ 1.5pp2.7%within the sector's middle half▼ 1.9pp
Staff (FTE)2-2within the sector's middle half=2=1.2▼ 40.0%1below the sector's middle half▼ 16.7%1below the sector's middle half=0.8below the sector's middle half▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 26% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €721,877
Fixed assets
€426,006 ▼ 1.7%
Current assets
€295,870 ▲ 14.8%
Equity and liabilities €721,877
Equity
€149,459 ▲ 0.9%
Provisions
€0 ▼ 100%
Debt
€572,418 ▲ 10.4%
Debt's share of the balance-sheet total rises from 75.0% to 79.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€100,584▼
2024 · €119,746
Cash flow
€70,988▼
2024 · €85,370
Quick ratio
0.62▼
2024 · 0.67
Debt to equity
3.83▲
2024 · 3.50
ROE
12.9%▼
2024 · 21.1%
Interest coverage
5.22▼
2024 · 5.98
Debt ≤ 1 year
€252,725▲
2024 · €194,029
Debt > 1 year
€317,019▼
2024 · €322,061
Income taxes
€11,918▼
2024 · €14,943
Staff costs
€78,809▲
2024 · €68,603
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 0 |
| part-time | - | - | 0 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 0.8 |
| Average over the year, in full-time equivalents | 1.2 | 1 | 1 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 0 | - | - | 1 |
| Left | 1 | - | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €284,338 | €269,706 | €254,814 |
| Mortgages, amount registered | - | €361,900 | €361,900 | €361,900 |
| Carrying value of the mortgaged assets | - | €313,853 | €298,547 | €283,242 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,275 | €64,391 | €117,272 | €45,075 |
| Depreciation and write-downs of the year | €18,375 | €27,512 | €54,075 | €51,703 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,008 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €88,264 | €67,082 | €68,603 | €78,809 | ▲ 14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,758 | €19,283 | €24,287 | €18,375 | €27,512 | €54,075 | €51,703 | ▼ 4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,216 | €4,713 | €2,268 | ▼ 51.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €24,334 | -€24,334 | - |
| Other operating charges640/8 | - | - | - | €4,362 | €5,289 | €5,180 | €18,413 | ▲ 255% |
| Gross operating margin9900 | €169,971 | €158,530 | €101,819 | €141,180 | €171,361 | €222,575 | €175,741 | ▼ 21.0% |
| Operating profit (loss)9901 | €10,889 | €18,321 | €18,017 | €30,178 | €70,262 | €65,670 | €48,881 | ▼ 25.6% |
| Financial income75/76B | - | - | - | €801 | €1,868 | €599 | €1,604 | ▲ 168% |
| Recurring financial income75 | €256 | €4,011 | €873 | €801 | €1,868 | €599 | €1,604 | ▲ 168% |
| Financial charges65/66B | - | - | - | €18,832 | €19,132 | €20,031 | €19,281 | ▼ 3.7% |
| Recurring financial charges65 | €7,159 | €17,836 | €16,153 | €18,832 | €19,132 | €20,031 | €19,281 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €3,986 | €4,496 | €2,737 | €12,147 | €52,998 | €46,238 | €31,203 | ▼ 32.5% |
| Income taxes67/77 | €4,739 | €3,482 | €2,597 | €5,542 | €14,633 | €14,943 | €11,918 | ▼ 20.2% |
| Profit (loss) for the period9904 | -€753 | €1,014 | €140 | €6,605 | €38,365 | €31,295 | €19,285 | ▼ 38.4% |
| Profit (loss) for the period to be appropriated9905 | -€753 | €1,014 | €140 | €6,605 | €38,365 | €31,295 | €19,285 | ▼ 38.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €263,741 | €595,711 | €546,272 | €545,593 | €641,446 | €691,053 | €721,877 | ▲ 4.5% |
| Fixed assets21/28 | €25,071 | €373,870 | €350,408 | €333,308 | €370,188 | €433,384 | €426,006 | ▼ 1.7% |
| Tangible fixed assets22/27 | €25,066 | €373,825 | €350,363 | €333,263 | €370,143 | €433,339 | €425,961 | ▼ 1.7% |
| Land and buildings22 | - | - | - | €326,689 | €313,853 | €298,547 | €283,242 | ▼ 5.1% |
| Plant, machinery and equipment23 | - | - | - | €4,236 | €2,844 | €7,018 | €5,017 | ▼ 28.5% |
| Furniture and vehicles24 | - | - | - | €2,339 | €53,446 | €127,774 | €96,258 | ▼ 24.7% |
| Leasing and similar rights25 | - | - | - | - | - | - | €41,444 | - |
| Financial fixed assets28 | €5 | €45 | €45 | €45 | €45 | €45 | €45 | = |
| Current assets29/58 | €238,669 | €221,841 | €195,864 | €212,285 | €271,258 | €257,669 | €295,870 | ▲ 14.8% |
| Stocks and contracts in progress3 | €119,645 | €107,714 | €110,125 | €102,346 | €120,442 | €128,415 | €138,356 | ▲ 7.7% |
| Stocks30/36 | - | - | - | €102,346 | €120,442 | €128,415 | €138,356 | ▲ 7.7% |
| Amounts receivable within one year40/41 | €103,909 | €93,362 | €61,396 | €86,373 | €99,126 | €109,358 | €145,710 | ▲ 33.2% |
| Trade receivables40 | - | - | - | €86,368 | €99,121 | €108,039 | €145,106 | ▲ 34.3% |
| Other amounts receivable41 | - | - | - | €5 | €5 | €1,319 | €604 | ▼ 54.2% |
| Cash at bank and in hand54/58 | €11,247 | €11,742 | €21,423 | €19,798 | €47,963 | €16,108 | €7,733 | ▼ 52.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,768 | €3,726 | €3,788 | €4,072 | ▲ 7.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €263,741 | €595,711 | €546,272 | €545,593 | €641,446 | €691,053 | €721,877 | ▲ 4.5% |
| Equity10/15 | €70,755 | €71,769 | €71,909 | €78,514 | €116,879 | €148,174 | €149,459 | ▲ 0.9% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €600 | ▼ 96.8% |
| Reserves13 | €52,908 | €52,908 | €52,908 | €59,513 | €97,878 | €129,173 | €148,458 | ▲ 14.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €57,653 | €96,018 | €129,173 | €148,458 | ▲ 14.9% |
| Profit (loss) carried forward14 | -€753 | €261 | €401 | €401 | €401 | €401 | €401 | = |
| Provisions and deferred taxes16 | - | - | - | - | - | €24,334 | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €24,334 | €0 | ▼ 100% |
| Other liabilities and charges164/5 | - | - | - | - | - | €24,334 | €0 | ▼ 100% |
| Amounts payable17/49 | €192,986 | €523,942 | €474,363 | €467,079 | €524,568 | €518,546 | €572,418 | ▲ 10.4% |
| Amounts payable after more than one year17 | €26,275 | €334,326 | €311,281 | €286,986 | €305,392 | €322,061 | €317,019 | ▼ 1.6% |
| Financial debts170/4 | - | - | - | €286,986 | €305,392 | €322,061 | €317,019 | ▼ 1.6% |
| Amounts payable within one year42/48 | €166,711 | €189,616 | €162,120 | €180,093 | €216,522 | €194,029 | €252,725 | ▲ 30.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,295 | €33,154 | €39,437 | €46,804 | ▲ 18.7% |
| Financial debts43 | - | - | - | €45,745 | €51,111 | €66,309 | €116,198 | ▲ 75.2% |
| Credit institutions430/8 | - | - | - | €45,745 | €51,111 | €66,309 | €116,198 | ▲ 75.2% |
| Trade debts44 | €91,990 | €63,120 | €63,529 | €68,952 | €83,551 | €54,226 | €67,121 | ▲ 23.8% |
| Suppliers440/4 | - | - | - | €68,952 | €83,551 | €54,226 | €67,121 | ▲ 23.8% |
| Taxes, remuneration and social security45 | - | - | - | €16,199 | €27,810 | €17,938 | €14,972 | ▼ 16.5% |
| Taxes450/3 | - | - | - | €8,018 | €19,053 | €10,102 | €8,466 | ▼ 16.2% |
| Remuneration and social security454/9 | - | - | - | €8,181 | €8,757 | €7,837 | €6,506 | ▼ 17.0% |
| Other amounts payable47/48 | - | - | - | €24,902 | €20,896 | €16,118 | €7,629 | ▼ 52.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,653 | €2,455 | €2,674 | ▲ 8.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€753 | €1,014 | €140 | €6,605 | €38,365 | €31,295 | €19,285 | ▼ 38.4% |
| + Depreciation and write-downs630 | €13,758 | €19,283 | €24,287 | €18,375 | €27,512 | €54,075 | €51,703 | ▼ 4.4% |
| Operating cash flow (approximation) | €13,004 | €20,297 | €24,427 | €24,980 | €65,877 | €85,370 | €70,988 | ▼ 16.8% |
| Investment in fixed assets (approximation) | - | -€368,082 | -€826 | -€1,275 | -€64,391 | -€117,272 | -€44,325 | ▲ 62.2% |
| Change in cash | - | €495 | €9,681 | -€1,625 | €28,166 | -€31,855 | -€8,376 | ▲ 73.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,508 companies had the same profile as CLEANKO has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of CLEANKO itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,508 companies, not a prediction for CLEANKO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 08-01-2026 | 2026-00003921 | |
| 30-06-2024 | abbreviated format | 29-01-2025 | 2025-00014012 | |
| 30-06-2023 | abbreviated format | 20-12-2023 | 2023-00532268 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20542023 | |
| 30-06-2021 | micro format | 14-01-2022 | 2022-00900256 | |
| 30-06-2020 | micro format | 27-01-2021 | 2021-01800423 | |
| 30-06-2019 | micro format | 04-01-2020 | 2020-00100531 | |
| 30-06-2018 | micro format | 21-01-2019 | 2019-01700433 | |
| 30-06-2017 | micro format | 21-12-2017 | 2017-72400559 | |
| 30-06-2016 | abbreviated format | 21-12-2016 | 2016-70800528 |